The central government runs various schemes for the citizens of the country, one of which is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). Launched in 2015, this is a life insurance scheme aimed at providing coverage to people. What makes this scheme special is its affordable premium. Let’s learn more about the details of this scheme.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, people are provided with life insurance coverage of ₹2 lakh. The premium for this scheme is only ₹436 per year. The main goal of this scheme is to provide insurance to the poor people of the country.
Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana
Any person between the ages of 18 to 50 years can benefit from the Pradhan Mantri Jeevan Jyoti Bima Yojana. Additionally, the person applying for insurance must have a bank account linked to their Aadhaar card. To apply for the scheme, you will need your Aadhaar card, bank passbook, and an auto-debit consent letter to ensure the premium is automatically debited from your account.
When do you get the PMJJBY claim?
The PMJJBY claim is paid when the insured person dies, whether the death is natural or due to an accident. If you are not able to afford insurance due to a low budget, this scheme is ideal for you.
How to apply for PMJJBY online:
1. Log in to NetBanking
Visit your bank’s official internet-banking portal and sign in to your account
2. Find the Social Security Schemes/Insurance Section
Look under “Services” or “Insurance” (sometimes labelled “Social Security Schemes”).
3. Select “Pradhan Mantri Jeevan Jyoti Bima Yojana”
Click on PMJJBY, read the details, and proceed to enrol.
4. Give Auto-Debit Consent
Enter your bank account details and agree to the annual auto-debit of ₹436 for the premium.
5. Confirm Enrollment
Review all info, submit your request, and note down the confirmation/reference number.